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Commodities trader pays £26m for shipment of painted stones thinking it is copper

Mar 10, 2021 - The Independent UK

Company only discovered the fraud when the cargo shipments started to arrive in China

A commodities trader got duped while buying copper worth £26m when the shipments started arriving in China and they found out it just consisted of spray-painted stone.

Mercuria Energy Group, a Geneva -based multi-national trading company, bought 10,000 tons of copper blisters (an impure form of the metal) last summer from Turkish supplier Bietsan Bakir.

The cargo went through a strict secu...